Russian equities and bonds are now “almost completely uninvestable”, Peter Harrison, chief executive of British finance house Schroders, told Reuters on Thursday.

Western sanctions are starting to bite Russia and bad news is pouring in. Earlier today, it became clear, among other things, that the world’s largest country would disappear from the MSCI emerging markets index, and that investors and managers were prepared to withdraw large sums of money.

The Petroleum Fund will also withdraw from Russia, but NBIM chief Nicolai Tangen is unsure if they will get anything back for their investment.

– The question is whether we get the money, he said.

The case continues throughout the video.

The invasion would “fundamentally change the nature of Europe for a very long time,” Harrison said, adding that Schroder’s total holdings invested in Russia, Ukraine and Belarus account for less than 0.1 percent of the company’s total assets.

Schroders, like many other European and international financial institutions, has pending sales orders for Russian stocks and securities, but transactions cannot be made because the Moscow Stock Exchange is still closed.

Harrison believes that the situation for foreign investors is likely to worsen in the coming days.

“My hope is that the sanctions will be stronger and the cumulative effect of the reduction in reserves will be felt more acutely. What seems difficult now will become impossible in a week’s time,” he told Reuters, referring to Russia’s foreign reserves.